SECU is headquartered in Linthicum and is the largest credit union in the state of Maryland. It is also the 66th largest credit union in the nation. It was established in 1951 and as of March of 2022, it had grown to 350 employees and 245,505 members at 27 locations. SECU has an A health rating.
Membership in SECU of Maryland is open to employees, retirees and contractors of the state of Maryland, employees of Anne Arundel County, alumni, students, faculty and staff of University System of Maryland Schools, employees of organizations located in Maryland that receive federal, state or local funding, and over 500 local Select Employer Groups
See current membership details
I use State Employees Credit Union. In general it has been a good experience with their credit union, in general I get lower rates on several items and their fees are almost non-existent. In addition to this, it makes my banking fairly seamless across different categories. The main reason I use them though is that their money market funds tend to earn more interest than a typical bank. They also are not publicly traded, and involved with investment services, so I do feel that my money is a bit safer in their credit union.
In addition to this, it comes with extra benefits such as being able to withdraw funds for free and almost no ATM fees. It is one of the biggest advantages. They also don't require minimum balances, something that I have noticed that larger publicly traded banks do.
Maryland State Employees Credit Union is a great credit union that offers all the services you would expect at reasonable prices. I've used both their checking and savings accounts and both have competitive rates. There's branches across the state of Maryland and they have plenty of ATMs for your convenience. I've also purchased CDs from them in the past. They have a wide variety of terms available for their CDs. Since I no longer live in Maryland, I do most of my banking with SECU online. Their website is pretty useful and I like it but I prefer banking in person because feel confident actually talking to a person. I really wish I could get my foreign banking transactions waived, it would make me much more likely to do more banking with SECU. But overall it's been a great credit union.
SECU is Maryland's leading credit union, and I have had a personal savings and checking account with them for ten years. Their rates blow the big banks rates out of the water, especially if you sign up for a long term program. They give incentives for this type of patronage and makes the deal work great for both parties. I prefer credit unions over others by a good margin, and this specific credit union by an even larger margin.
SECU MD; As time goes on this credit union is getting worse & worse not only in it's customer service but also in it's website options. SARA is absolutely useless as is some of their customer agents.
They are becoming like alot of other big companies, upper management doesn't want to know or doesn't care how things below them are in real time or are not being given honest information about customer service.
BUT, on the flip side there are those employees who are performing as expected in the treatment of their customers and do resolve issues and problems.
|Return on Assets - YTD||0.72%|
|Return on Equity - YTD||9.35%|
|Annual Interest Income||$31.7MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$4.91B$4.61B|
|Loans||Q1 2022vs Q1 2021||$3.56B$2.76B|
|Deposits||Q1 2022vs Q1 2021||$4.40B$4.13B|
|Equity Capital||Q1 2022vs Q1 2021||$373.8MM$398.2MM|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$27.0MM$35.6MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$11.4MM$21.4MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$0$141.00K|
Rates for SECU are currently being reviewed.